Akron Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $19.79 2023 Avg. Asking Rent
  • 1.41% Y-o-Y Avg. Asking Rent Change
  • 10.45% 2023 Office Vacancy Rate
  • $102.7M2023 Total Office Sales
  • $168.16Avg. Sale Price/SF

Akron office price per square foot in 2023 was $19.79 on average. This marked a +1.41% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 10.45% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $102.7M. Akron office space commanded an average sale price per square foot of $168.16.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Ohio Class A & A+ Office Space$24.12
  • Ohio Class B Office Space$18.73
  • Ohio Class C Office Space$19.85

Akron, OH Office Asking Rents by Class

Office Spaces for Rent in Ohio

Akron Office Sale Price per SF

  • $168.162023 Avg. Price per SF
  • $102.7M2023 Office Sales Volume
  • 42023 Number of Transactions

Akron, OH Sale Price per SF Trend

  • Akron Avg. Sale Price per SF in 2023$168.16
  • Ohio Avg. Sale Price per SF in 2023$81.82
The sale price for office space in Akron averaged $168.16 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $81.82 per square foot.

2023 Office Sales Volume

  • Akron, OH Total Office Sales Volume in 2023 $102.7M
  • Akron, OH Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Akron office market in 2023, adding up to a yearly sales volume of $102.7M. Notably, the largest transaction on the market saw First Energy Building change hands for $49,094,900 on 12/4/2023.
Data provided by Commercial Edge

Coworking Spaces in Ohio

2023 Office Construction in Akron, OH

Largest Office Properties Recently Completed in Akron
Office building Address SF Completed
Firestone Industrial Park 120 Cole Avenue Ext, 44301 103,870 2022
White Pond Crossing 544 White Pond Drive, 44320 42,000 2020
632 E Market Street 632 E Market Street, 44304 9,009 2019
The East End 1201 East Market Street, 44305 4,480,000 2015
Gateway Park 690 White Pond Drive, 44320 35,047 2015
Neuroscience Center 701 White Pond Drive, 44320 44,587 2010
701 White Pond Drive 701 White Pond Drive, 44320 44,587 2010
755 White Pond Drive 755 White Pond Drive, 44320 45,427 2005
1650 S Arlington St 1650 S Arlington St, 44306 7,200 2001
450, 460 & 470 White Pond Drive 450 White Pond Drive, 44320 37,360 2000

Worth noting among recent office completions on the Akron market is Firestone Industrial Park, which is currently the largest new office development in the city, at 103,870 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Akron commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.